Carney made the Conference USA all-freshman team in 2002–03, his first season at the University of Memphis. In the same season, the Tigers made their first NCAA Tournament appearance since 1996, but the seventh-seeded Tigers lost in the opening round to Arizona State.

In 2003–2004, Carney showed improvement in his stats. He needed surgery after suffering from a cracked bone above his eye, but he missed only two games. The Tigers again made it to the NCAA Tournament as a seven seed and won their opening round game against South Carolina before losing in the second round against Oklahoma State.

Carney made all-Conference USA second team in 2004–05. He led the Tigers in scoring (16 points per game) and free throw percentage (73.3%). This season, the Tigers likely wouldn't reach the NCAA Tournament unless they won the Conference USA Tournament. The Tigers reached the final game against rival Louisville. They trailed 75–73 when freshman Memphis point guardDarius Washington Jr. was fouled on a 3-point shot with no time left. However, Washington made only the first free throw, and so Memphis lost. Carney had only 5 points and 3 rebounds in the game. In the 2005 National Invitation Tournament, Memphis defeated Northeastern, Virginia Tech, and Vanderbilt before losing in the semifinals to Saint Joseph's.

In 2005–06, Carney was on the preseason and mid-season lists for the John R. Wooden Award All-American team. Carney improved his stats again, becoming one of the top players in Conference USA. Carney, the only starting senior on the team, helped lead Memphis as one of the top-ranked teams in the country and was named the Conference USA player of the year. Memphis won the 2006 Conference USA regular season and tournament championships, and entered the NCAA Tournament with a 30–3 record and the number one seed in the Oakland region.

In the opening round against Oral Roberts, Carney led Memphis with 19 points and added 5 rebounds in a 94–78 victory. In the next round, Carney scored 10 points and grabbed 4 rebounds to help Memphis beat Bucknell 72–56. Against Bradley in the Sweet Sixteen, Carney scored 23 points, grabbed 4 rebounds, and added 3 steals to help Memphis win 80–64. In the Elite Eight, Memphis was defeated 50–45 by UCLA in one of the lowest scoring games in tournament history. Carney's last game of his collegiate career was his worst of the season, managing only 3 rebounds and 1 steal and connecting on only 2 out of 12 field goals for 5 points in 26 minutes of play.

During the beginning of his rookie year in 2006–07, Carney was averaging only a little over 3 points per game and less than 1 rebound per game. But in February 2007, Carney became a starter due to the departure of Allen Iverson and Chris Webber, two of the Sixers' star players. When these events occurred, Carney was allotted more playing time, lifting his averages to over 9 points and 3 rebounds per game. Carney continued to make himself a key player on the Sixers. With a little under 20 minutes of playing time a night, Carney was a tough defender while also being a third scoring option in the starting lineup.

On July 9, 2008, Rodney Carney, Calvin Booth and a future first-round pick were traded by the Sixers to the Minnesota Timberwolves for a future conditional second round pick.[1] In return, Minnesota sent Philadelphia a future conditional second-round draft pick.[2]

Among rookie qualifiers in 2006–07, ranked 14th in scoring (6.6 ppg) and fifth in field goal percentage (46.4%); also had the second highest three-point percentage (34.7%) of any Sixer this past season.

At Golden State on December 26, 2006, he posted career-highs of 25 points and 8 rebounds,[14] becoming the first Sixer rookie to have at least 25 points and 8 boards in the same game since Allen Iverson did it on April 9, 1997.[15]

Scored in double-figures 13 times over his final 28 games played in 2006–07 after doing so just five times in his first 39 games played... averaged 8.8 points on 53.7% shooting in his final eight games played.

Committed just 43 turnovers in 67 games played in 2006–07 and almost had as many steals (38) as turnovers.

At the 2006 Rocky Mountain Revue, averaged 16.7 points and 2.3 rebounds in 25.7 minutes and led the Revue in 3-point field goal percentage (.714, 5–7 3FG).

Holds the University of Memphis career record for 3-pointers made (287), which ranks in Conference USA history,[clarification needed] and single-season record for three-pointers made (102, 2005–06).

Finished four-year college career ranked third in school history career points (1,901) and second for games played (133).

Averaged 17.2 points as a senior (2005–06) and was named Conference USA Player of the Year and selected to the conference's All-Tournament Team selection.

Carney's mother, DeAndra Ware,[16] was a world-class sprinter holding the world indoor record in the 60 yard dash and 55 meter dash and would have competed in the 1980 Summer Olympics if not for the U.S. boycott. The fact that she could not compete in the Olympics motivated Rodney to play in the NBA. DeAndra was also the Indiana state champion in the 100 m and 200m dash. His brother, Ron Slay, was a basketball star at the University of Tennessee and plays professional basketball in Europe. He also has two other half brothers, Ramon Foster and Renardo Foster, who both played football at University of Tennessee. Renardo played for the St. Louis Rams and Ramon is currently a member of the Pittsburgh Steelers.

While at Northwest High School, The Indianapolis Star named Carney as Player of the Year. He also made the Indiana All-Star team. Outside of basketball, Carney was the Indiana state high jump champion in his senior year, with a personal best of 6 ft 11 in (2.11 m).[16]